Despite Uncertainty, Home Prices Are Rising by Double Digits in Much of Nation

Home prices across the nation continued to defy reason as they sharply headed up—even as the turmoil over a hotly contested presidential election, the coronavirus pandemic, and high unemployment persisted.

Unlike during the Great Recession, the median price for single-family homes zoomed up in the third quarter compared with the same period the previous year in every U.S. metro, according to a recent National Association of Realtors® report. Prices rose 12% year over year nationally as folks waged bidding wars over a historically low number of properties on the market. Many buyers sought out larger properties to work from home, educate their children, and maintain social distance from others.

“It’s unbelievable. It’s a record number of metro areas showing double-digit price gains,” says Gay Cororaton, senior economist with the NAR. “We have never seen this widespread price growth.”

The report looked at existing homes in 181 metropolitan areas, which

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Global stocks rise, but caution over Pfizer’s COVID-19 vaccine and US political uncertainty limit gains

  • Global stocks rose Tuesday, extending the rally built on Pfizer’s vaccine news and the US election, but investor caution on the depth of the pandemic and political uncertainty capped gains.
  • Pfizer on Monday said its phase 3 vaccine trial showed a high degree of efficacy, giving investors hope that some kind of normality could be regained.
  • UBS’ chief investment officer, Mark Haefele, said investors needed to pivot away from big tech and the primary stay-at-home beneficiaries.
  • Senate Majority Leader Mitch McConnell declined to acknowledge President-elect Joe Biden’s election victory on Monday, adding more disorder to President Donald Trump’s call to weigh up legal options.
  • Visit Business Insider’s homepage for more stories.

The rally in global equities extended Tuesday, a day after Pfizer said its late-stage trial of its COVID-19 vaccine had shown promising results, but caution over the depth of the coronavirus pandemic and an uncertain US

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Real Estate Industry Reacts to Election 2020 Uncertainty

Clockwise from left: Red Apple Group CEO John Catsimatidis, Cervera Real Estate’s Alicia Cervera Lamadrid, Florida developer Jeff Greene, Joy Construction’s Eli Weiss, Douglaston Development’s Jed Resnick and George Fontas (Getty; iStock)

From an undisclosed location in Manhattan, billionaire developer and local radio host John Catsimatidis told New Yorkers that President Donald Trump’s chances of winning the 2020 presidential race looked good.

“The betting line in Las Vegas is laying 3 to 1 for Trump to win,” he said on conservative talk radio station 77 WABC late Tuesday, while “manning the party desk” for the station’s watch event.

Though the president echoed this confidence early Wednesday morning, by the afternoon, no clear victor had emerged. The fate of the presidential election falls to several key swing states and may not be determined for several hours, if not days, as millions of mail-in ballots are counted. As of 12:30 p.m., former

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Pandemic uncertainty is keeping 34% of home sellers out of the market

Hesitant home sellers could be one reason there is such low housing inventory, according to a report from Zillow. Thirty-four percent of would-be home sellers said they are staying out of the market due to the uncertainty caused by COVID-19.

That uncertainty includes financial anxiety, which is keeping 31% of homeowners from selling in the next three years, according to the report.

A recent change in employment was a barrier to finding a new home for 27% of those who responded, while 17% said another reason was that their spouse or partner was laid off or involuntarily unemployed. On the other hand, one out of 10 homeowners said they weren’t selling because an adult child or other family member had moved in with them during the pandemic.

Nearly 40% of homeowners who said they would consider selling in the next three years said that they anticipate a more favorable

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How Real Estate Investors Could Profit Despite Today’s Economic Uncertainty

Rob Johnson is CRO of Realized, an investment property wealth management platform helping investors create custom investment property plans.

Uncertainty seems to be the “new normal,” when it comes to the ways in which people are living, working and investing. But despite rattled markets and short-term economic uncertainty, real estate investments can help manage your portfolio risk through diversification, while aiming to produce returns that can be enhanced with tax benefits.

First of all, while the pandemic is global, real estate is local. Unlike other investment-grade assets, real estate value is based on the unique characteristics of the local community and marketplace.

Second, real estate investment trusts (REITs) are trading at lower valuations, making them a potentially lucrative buy during the current downturn. Furthermore, vacation rental properties are selling at steep discounts, as business and leisure travel have declined.

With these and other factors, it’s understandable that today’s

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